ST. LOUIS — St. Louis-based Stifel Financial Corp. (NYSE:SF) Thursday reported first-quarter net income available to common shareholders of $81.7 million on net revenue of $913 million, compared with net income of $96.9 million on net revenue of $770.4 million in the first quarter of 2019.
The $913 million in net revenue was an 18.5% increase from the first quarter of 2019 and a 3.3% decrease from Stifel's record fourth quarter of 2019. Stifel also adopted a new accounting standard, commonly referred to as CECL, to estimate credit losses during a downturn.
"Our results in the first quarter illustrate the value of our diversified business as we generated our second highest quarterly revenue despite the sudden and dramatic change in the economy following the COVID-19 outbreak," Chairman and CEO Ron Kruszewski said in announcing the results. "Record Global Wealth Management revenue and our second strongest quarter for our Institutional Group was driven by record brokerage revenue as well as strong investment banking, net interest income and fee-based revenue." He singled out brokerage employees for "special praise."
"In a matter of days, and with a focus on employee safety, we rapidly deployed our business continuity plan that resulted in more than 90% of our employees working remotely and enabled our Institutional Group to go from eight primary trading desks to more than 180 separate trading locations," he said.
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